Interim Results Presentation for period ended 30th September 2007

Results Overview-Highlights

• Record results

• Operating profit* up 61.3% to £768k(2006 £476k)

• Strong underlying sales growth

• Significant increase in demand at Redman Fittings

• Good progress at Maxpower Automotive following acquisition in June 2007

• Increasing order book at RMDG Aerospace

• Continue to look for further opportunities to expand

*before intangible asset amortisation, FRS 20 charges and restructuring costs

Results Summary

H1 H1

2007 2006 Change

£'000 £'000

Sales 8,797 5,000 +75.9%

Operating Profit* 768 476 +61.3%

Profit before Tax* 651 431 +51.0%

Adj EPS* 1.64p 0.95p +72.6%

*before intangible asset amortisation, FRS 20 charges and restructuring costs

Group Structure

Tricorn Group Plc-Strategy

• Operational Performance– Continue to drive for world class operational performance within individual

businesses– Develop local management expertise– Intimate customer relationships– Lean manufacture– On time delivery– Quality

• Margin improvement – Overhead streamlining– Year on year productivity improvements– Component and semi finished sourcing from low cost countries

• Growth– Continue to grow through acquisitions and organically– Maintain clear focus on pipe solutions – Increase customer penetration as product portfolio expand and develops– Acquire new customers

China

• Office now established for over 18 months• Good progress to date• Full time employees

– Increased to 5• Several reliable sub contractors of:-

– Finished product– Semi finished product– Tube– Bellows– End fittings

• Receiving warehouse now established in the UK-use will extend to the other businesses

Blue Chip OEM Customer Base-Markets

Power Gen

Aerospace

Off High

Niche Auto

Water

Other

Customers

• Blue chip Original Equipment manufacturers• Caterpillar

– Perkins– F G Wilson

• Rolls-Royce• Cummins• JCB• Shorts Bombardier• Land Rover• Glynwed Pipe Systems• Uponor• Bearward

Business Review

• Key end market is power generation – Generator sets– Diesel engines– Radiators

• Steady progress through first half

• Markets remaining firm

• Improving productivity

• Some material cost increases

Malvern Tubular Components

Innovation

• Revolutionary end fitting system

• World wide patents

• Key end market-water – Longer term opportunity in oil/gas

• Able to join multi-layer pipework

• Strong demand from barrier pipe manufacturers

– Brown field site developments– Potential land contamination– Water quality

• Significant growth through H1

• Outlook encouraging

• Acquired June 2006

• Focussed on pipe assemblies for the aerospace sector

• Delivery performance improving to world class levels

• Strong order book-existing and new customers

• Transfer of parts to low cost sourcing progressing

Maxpower

• Acquired June 2007

• Tube manipulation and fabrication

• Off highway, niche Automotive

• Steel, plastic and hybrid tube forming

• Business performing to expectations

• Low cost country sourcing project on track and will deliver significant benefit in 2008/9

Group Outlook

• Outlook remains very positive

• Key markets remain strong

• Anticipate strong financial performance to continue

• Continue to look for further acquisitions